Starbucks Corporation $SBUX Shares Sold by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC lowered its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 5.1% in the second quarter, Holdings Channel.com reports. The fund owned 3,302 shares of the coffee company’s stock after selling 177 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Starbucks were worth $303,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SBUX. Hughes Financial Services LLC acquired a new stake in Starbucks during the 1st quarter worth $27,000. CBIZ Investment Advisory Services LLC lifted its stake in shares of Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock worth $28,000 after buying an additional 159 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in Starbucks during the first quarter worth about $29,000. Nova Wealth Management Inc. grew its stake in Starbucks by 285.4% during the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock valued at $31,000 after acquiring an additional 234 shares in the last quarter. Finally, Activest Wealth Management raised its holdings in Starbucks by 78.0% in the 1st quarter. Activest Wealth Management now owns 331 shares of the coffee company’s stock valued at $32,000 after acquiring an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. Piper Sandler set a $105.00 price objective on Starbucks and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. UBS Group raised their target price on Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 30th. Citigroup reduced their price target on Starbucks from $100.00 to $99.00 and set a “neutral” rating on the stock in a report on Wednesday, July 30th. Finally, Sanford C. Bernstein upped their price objective on shares of Starbucks from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and a consensus price target of $104.40.

Starbucks Stock Down 1.7%

Shares of Starbucks stock opened at $84.27 on Thursday. The firm has a market cap of $95.79 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 5.12 and a beta of 1.00. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The business’s fifty day simple moving average is $88.87 and its 200-day simple moving average is $89.27.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.93 EPS. As a group, equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.